ING today announced the next steps in its move towards creating a single global brand, which will see all of its wholesale businesses adopting the ING name during the course of 2002.
At the start of 2001 ING began the process of integrating all its wholesale operations within the businesses of BHF-Bank, ING Bank, BBL, ING Barings, Charterhouse Securities, Vermeulen Raemdonck, Nationale-Nederlanden and ING Ferri into one unit under the Executive Centre (EC) Europe. The wholesale business* encompasses corporate banking, investment banking, financial markets and employee benefits.
The integration process is now largely complete and the next logical step is for the wholesale business to operate under the single ING brand name and ING lion logo. From the end of 2002, ING will become the dominant brand used by the wholesale business on an international basis - although some labels, in a few European countries, will retain their existing brand for a longer period.
The move follows similar changes by many of INGÂ's other business lines including retail banking, insurance and asset management in regions such as the Americas, Australia and much of Central and Eastern Europe. In the Netherlands the banking and insurance businesses of Nationale-Nederlanden, Postbank, CenE Bankiers and RVS recently introduced an ING endorsement below their existing logo on all visual identifications. The leading Belgian bank BBL, which is part of ING, has also announced plans to migrate to the parent company name. BBL is currently increasing the name recognition of the ING brand in Belgium through an endorsement strategy.
ING Group chairman Mr Ewald Kist said: 'This is an important further step towards establishing one global brand and helps bring another important part of the Group together under the ING label, with one corporate culture. The switch by the wholesale business to the ING brand will enable existing and potential clients around the world to more clearly see the full depth of INGÂ's integrated financial services offering.'
Hessel Lindenbergh, the ING board member responsible for Wholesale, said: ' ;The integration of our wholesale business has already allowed us to cement and broaden the range of services that we offer our clients. When combined with the strength of operating under the ING brand internationally, we will further enhance the potential for growth in our wholesale business while creating synergy and cost saving opportunities within the organisation itself.'
* The wholesale business includes: corporate financial services (eg structured finance, debt products, and financial institutions), investment banking (eg mergers & acquisitions, equity capital markets), financial markets (eg equities, foreign exchange, money markets, derivatives and treasury) and employee benefits.
(source: ING Groep)